To be honest, I don't think the tourist traffic from the US to Europe is particularly significant. The link did not pull up for me, so I am not sure what context this author is talking about, but T-ATL travel has a significant amount of business flying. That will still remain.
In general, I think the real downturn is yet to take effect. Yes we have seen a big crisis in foreclosures, but this will have a temporary beneficial effect, as those people will now be freeing up their mortgage payment and can spend that on leisure pursuits. What I think will happen, though, is that once the ripples start causing job losses, THEN we are going to see a significant drop. And I expect a drop in the business and first class travel as well, as companies try to cut back. That may leave all these airlines that are desperately trimming costs and services to really hurt as they have to compete for fewer premium customers.